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  "documentTitle": "ey industry pulse report travel and tourism",
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  "notes": "EY branding present. Data sourced from Hellenic Chamber of Hotels, ITEP Annual Survey.",
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      "text": "The shift of the Greek T&T sector toward the high-end segment may enhance its resilience toward demand shocks, deriving from significant events that impact the sector in a global scale.",
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      "text": "Indicatively, up until October 2022, a total of 83 environmental permit requests have been submitted in the relative Ministry, for the development of 4-star and 5-star hotel units of over 100 beds each, highlighting the ever-growing potential of the Greek tourist product and the shift toward the luxury segment. The shift of the Greek T&T sector toward the high-end segment may enhance its resilience toward demand shocks, deriving from significant events that impact the sector in a global scale (geopolitical turmoil, persistent inflation, etc.).",
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      "text": "Despite the impact of COVID-19, in 2021, hotel capacity further expanded, with the number of 5-star hotels increasing by ca. 8%, compared to 2020, and ca. 15% compared to 2019. On the contrary, total hotel capacity (all categories) marginally increased (increases of 1.3% and 0.5% in 2021, compared to 2019 and 2020, respectively), indicating a growing interest on the high-end segment of the sector. The growth of the 5-star segment, is also observed in the volume of refurbishment works that have been performed. In particular, in 2021, refurbishment works were almost x4.5 higher, compared to 2020, also resulting from works that were put on hold due to the pandemic, and recommenced. Refurbishment works compared to 2019, also exhibited an increase of ca. 59%. In total, refurbishment volume in 2021 increased by ca. 150%, compared to 2020, but remained below 2019 levels (ca. -16%). Further growth is expected during 2022, driven by a continuously increasing demand toward the high-end segment and the sector's overall forecasted growth.",
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      "text": "Source: Hellenic Chamber of Hotels, ITEP Annual Survey",
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      "text": "Hotel capacity continues growing, mainly for 5-star hotels, with segment growth also observed in refurbishments",
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